Background of Liquidation
On October 20, 1997 the Governor-in-Council of the Cayman Islands presented a petition to wind up First Cayman Bank Ltd. ("FCB") pursuant to the power contained within Section 14(iv)(d) of the Banks and Trust Companies Law (1995 Revision) (“the Law”). On that date an order was made in respect of FCB appointing Michael Pilling and Ian Wight of Deloitte & Touche, the Joint Provisional Liquidators of FCB.

On December 4, 1997 the said petition was heard and a Winding-Up Order was made appointing Michael Pilling and Ian Wight as Joint Official Liquidators of FCB.

Since that time the Joint Official Liquidators have made three interim dividend payments. A first interim dividend payment of 35% was declared and paid on April 20, 2000, a second interim dividend payment of 10% was declared and paid on June 14, 2002, and a third interim dividend payment of 15% was declared and paid on November 21, 2003 resulting in a total return to date of 60% to ordinary admitted creditors. A final return of between 65% and 70% is expected to be paid out to ordinary admitted creditors.